UK’s leading banks have proposed merger of nine trade associations into a single body to more effectively represent banking interests, reports Reuters.
The proposal has been suggested by 10 major UK banks which include HSBC, Barclays and Lloyds. The move aims to boost lobbying in Europe and reduce membership costs.
The banks stated in a consultation paper that prevalence of too many trade groups resulted in duplication of lobbying and lack of strategic direction.
According to the paper, a single, federated trade association with an overall coordinating council would better address current issues, and "could help the industry rebuild trust amongst its customers."
A total of nine trade associations are of direct relevance to the consultation.
The associations include Asset based Finance Association, British Bankers’ Association, Council of Mortgage Lenders, Finance and Leasing Association, Intermediary Mortgage Lenders Association, Tax Incentivised Savings and Investment Association, Wealth Management Association, Payments Council and the UK Cards Association.
The consultation is expected to end in April with a final recommendation scheduled for May.